The current methods of collecting debt are inefficient and have a negative impact on the size of the debt book, and subsequently, the cost of recovering the debt.
For collections agents, the process is slow, cumbersome, prone to error or deliberate malfeasance and requiring intimate examination and knowledge of physical documents. They can spend a large volume of time with a customer assessing how much income they have, and what their discretionary and non-discretionary spend looks like.
For the customer, the process while also slow and cumbersome, is potentially embarrassing, as intimate details of their financial lives are pored over.
Open Banking and bank data give a far superior customer journey.
The customer merely has to login to their internet banking, and Open Banking will provide the collections agent with read-only access to the customer’s bank statement information.
With no data asserted by the customer, agents are granted a complete and factual view of the customer’s financial situation – with no reliance on customers to provide information which can be exaggerated or potentially untruthful.
This streamlines the whole collections process, creating a journey that is efficient while suitable for vulnerable customers who are likely to be in debt.
Understanding income is the starting point for each recovery agent to make a determination on what the repayment figure should be. It is then crucially important, and forms the basis of a monthly affordability figure, an accurate view on how much a customer can afford to spend on repayment costs. All the data available is categorised in line with the Standard Financial Statement, the universal income and expenditure statement in the UK, so all debt management services can utilise the tool.
Complete factual view of your customers bank data.
Long gone are the days of examining physical documents.
All the data you require to make a decision available in one simple dashboard.
Improve your customer experience by streamlining your collections process.
Remove the reliance on customers providing you with false or inaccurate information.
Calculate Affordability and Income Verification to determine repayment costs.
James Varga, CEO, DirectID
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